The Income Protection Task Force is looking to create a consumer charter for income protection in an effort to make the product clearer, fairer and to boost its uptake.
IPTF has been consulting with consumer organisation such as Which?, the Financial Services Consumer Panel and national newspapers and expects to publish the charter in the middle of January.
In April, the IPTF published a draft charter for the industry to consider in a effort to get more customers to buy the product. In it included calls for a quality standard, prompt payouts and for providers to publish claims figures on an annual basis.
IPTF co-chairman Clive Waller says: “We produced a draft charter for the industry in April at our summit meeting but we felt there was a very real need to find out what leading consumer organisations felt needed to be done to make the product clearer and more comprehensible to the public and above that, what needs to be done to ensure we are treating all buyers of the product fairly.”
As well as publishing a consumer charter, the IPTF is also lobbying for income protection to be included in the first wave of simple products.
Peter Le Beau, the IPTF’s other co-chairman, says: “The product has been languishing for far too long and we sense a real window of opportunity to increase understanding the value of the product and the sales it can achieve.”